Long distance Investing

[Alexander Reda]

How would you go about deciding on what area to invest in? For example, would you randomly pick an area and start researching using the Census?  Or would you contact PM Companies in an area you're curious about and pick their brain? 

My criteria for an area is like most others. Job growth, population growth, landlord friendly, Diverse Economy, pretty much an up-trending area. The only problem is that I don't know where to start looking or how to begin with doing my research. I guess my main question is, whats the first thing you look for in deciding where to invest? how do you break it down into portions to where you're not wasting your time in investigating an area? Right now for me it's overwhelming. 

I should note that I'm a newbie and have not had my first deal yet. I'm currently looking in a "hot market" where prices are high and hard to find deals. Boots on the ground is probably best strategy for this area but realistically that option is hard for me to do with my current job. I do have an agent who is an investor herself who has done flips in the past and I have been in contact with PMs as well. Both agree its possible. 

My goal is to buy and hold long term. BRRRRing is what I'm looking to do. A wise man (or lady) once said, "live where you want, Invest where it makes sense". It's time to put fear aside follow that wisdom. 

I just got done reading David's book on BRRRR (twice) and currently listening to it on audible the third time. Also read Brandon's book on "Rental Property Investing". I am about to purchase David's book on Long Distance Investing and read that a couple times as well. Just wanted to pick the brains of people who have done long distance investing already. any advice will help.

Thank you in advance for the feedback!